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Outside Review Says NY Pension Fund Responsible, Needs Staff

NYS Comptroller Thomas DiNapoli
WAMC Photo by Dave Lucas
NYS Comptroller Thomas DiNapoli

An outside review of New York's $178 billion pension fund for public workers shows it has been managed responsibly for the past three years but needs more staff and higher pay to continue the quality performance and cut costs for outside advisers.

The second review of the Common Retirement Fund since it was rocked by a pay-to-play scandal says it continues to meet ethical and conflict-of-interest standards.

Michigan-based Funston Advisory Services has conducted both reviews.

New York Comptroller Thomas DiNapoli, the fund's sole trustee since the 2007 scandal, said Thursday the mandated periodic reviews help ensure the problem doesn't recur.

The fund covers more than 1 million workers and beneficiaries. It has 37 people on the investment staff and paid $561 million in management fees last year.

© 2016 Associated Press

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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